Rupee slips 2 paise against dollar in early trade

India Infoline News Service | Mumbai | November 30, 2016 09:00 IST

The Indian rupee opened lower by two paise at 68.67/$ against the previous close of 68.65/$.

rupee open
The Indian rupee opened lower by two paise at 68.67/$ against the previous close of 68.65/$.

US GDP numbers came in at 3.2pc in the September quarter raising hopes of a rate hike next month.  Euro will very much remain in focus, as we approach Italian constitutional reform referendum on December 4th. Meanwhile, ECB announced that it is ready to purchase more Italian bonds, if the situation in the financial markets turn adverse post results of the referendum. Effectively, Italian bond yields have moved lower, deriving relief from ECB’s assurance.

In India, September quarter domestic GDP growth will be in focus; the impact of demonetisation will be known only next quarter. The fiscal deficit numbers and infrastructure output data are also on tap today. Fitch Ratings has cut the GDP growth forecast for FY17 to 6.9 pc from 7.4 pc, citing the demonetisation effect.

The local unit hit a high of 68.78/$ and a low of 68.85/$ today.

The Reserve Bank of India’s Reference Rate for the US Dollar was Rs.68.65 as on November 29, 2016, while the corresponding rate for the previous day (November 28, 2016) was Rs.68.72 levels.  
 

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